A resolution on the spinoff received 99.7 percent of votes
in favor at a shareholders’ meeting, according to a statement
yesterday. The company said a final decision whether to proceed
with an initial public offering is now at the discretion of its
directors.

Hongkong Electric Co. shares are expected to start trading
on Jan. 29, Power Assets said in a Dec. 15 statement. The unit
will have a market value of HK$48 billion ($6.2 billion) to
HK$63.4 billion after the spinoff, according to the statement
last month.

The proposed spinoff of the city’s second-largest
electricity supplier comes as Li sells assets in the former
British colony, where growth is slowing. Power Assets has said
it will use proceeds from the spinoff to fund global
acquisitions.

The Hong Kong-based company plans to start gauging demand
this week for the IPO, two people with knowledge of the matter
said last week, asking not to be identified because the
information is private.